#比特币机构配置与囤积 Strategy has increased its holdings by more than 10,000 BTC for two consecutive weeks, totaling 21,269 BTC. This pace is worth paying attention to.

The data appears straightforward—average price in the first two weeks of December was $90,856, compared to the current $92,098, indicating that institutions have kept their costs quite restrained. More interestingly, the cost basis is $74,972, with the current price at a 22.8% premium over cost, suggesting that this round of allocation is indeed positioned relatively rationally.

From an on-chain signal perspective, there are several details to track in this sustained accumulation: first, the stability of the buying rhythm—no obvious chasing of highs, but rather balanced, phased purchases; second, the holding size has reached 671,268 BTC, accounting for about 3.2% of the circulating supply, indicating that institutional influence is gradually strengthening; third, they continue to buy even during FUD periods, reflecting a long-term allocation strategy rather than short-term trading.

This behavioral pattern usually indicates that whales have clear expectations for the subsequent price. It is worth continuing to monitor the synchronized movements of similar institutions—if multiple large holders are increasing their positions within this price range, it would be an even stronger signal. Next week, observing large on-chain transfers and exchange fund flows can help determine whether this round of accumulation will lead to subsequent price performance.